Business Trends

Is the health and longevity of your business tied to your ownership? We’ve all heard about the importance of making your business “scalable,” but what does this mean, and how do you do it? In a recent article on Inc.com, “The Secrets of Building a Scalable (and Sellable) Business,” the author stresses the importance of finding ways to make your business concept into something that can be replicated quickly and easily. Focus on something that you can teach employees that is also valuable to customers and repeatable, with the goal of creating a recurring revenue stream.

Once you have your business up and running, it soon becomes apparent how much you need to learn, how difficult it can be to find new clients, and how challenging it is to find reliable vendors. Perhaps these are the challenges that first spawned the idea of an "expo," but the concept is still very much alive.

Let's face it; small business owners are very busy people, so busy that they can often be the last to catch on to cultural trends. It may be okay to delay one's personal exploration of social media, but when it comes to promoting your small business, having a presence on social media is crucial. Many business owners find that their pages on Facebook, Twitter and LinkedIn drive more new business than any other form of marketing. If you have been avoiding the inevitable, silence on social media sites is no longer an option.

If you've been watching the news lately, chances are you have heard a lot about the negative aspects of Obamacare. First it was the question of the individual mandate, then the potential job losses due to the cost of employee healthcare, and finally it was the government shutdown over whether the law should even be funded. Having survived years of twists and turns, the Affordable Care Act stood its ground, but now is plagued by a non-functioning enrollment web site. What more could go wrong, one might ask?

Perhaps a new POS system doesn't integrate with your bookkeeping programs, or you are still creating your own Excel templates to manage the business. Accounting software was once used to track expenditures such as overhead and payroll, but now it encompasses everything from POS to inventory. Is it time to make the switch to a new system? It all depends on your comfort level with using automated accounting software, but more and more retail business owners are enjoying improved functionality across all segments of their operation.

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